July 29, 2021

Ukraine Breaking News

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118 years of history will be converted into NFT by this journal

“Factual accounts of history and authentic historical assets must be immutable and the ownership of these digitized and tokenized assets, which are part of our collective human experience, must be decentralized.”

In this way, Hong Kong’s largest English-language communication medium, the South China Morning Post (SCMP), today announced its entry into the world of non-tokens. fungible (NFT).

To achieve its mission in the collectible token market, SCMP partnered with the Ethereum-based platform, The Sandbox . The intention is to transfer 118 years of history told by the media, in a decentralized virtual space.

NFTs will be based on the archive of documentary photographs, visual illustrations, data visualizations and infographics of the newspaper founded in 1903.

In this sense, SCMP has created a standardized metadata structure to tokenize the story in NFT format, which they called “ARTIFACT,” according to a statement filed on July 19.

ARTIFACTS: a standardized structure to tokenize history

ARTIFACTs will work with some blokchains, SCMP noted, though it didn’t disclose which ones they would be. At first, will only be able to issue tokens from a group of trusted partners who are globally recognized owners of “authentic historical assets”.

The plan also includes a decentralized authentication process which will ultimately allow anyone to tokenize resources using the ARTIFACT standard.

From SCMP they believe ARTIFACT will do it allow its users to discover, collect, exhibit, exchange and relive significant moments and objects of their collective experience in Hong Kong.

According to the organization, another of its goals is “to take the first steps towards creating more value from the ‘first drafts of history’. “

Gary Liu, CEO of SCMP, indicated that blockchains have the potential to preserve journalism which testifies and explains the story. “The South China Morning Post is committed to engaging and educating a global audience with information and technology, “he added.

NFT: a growing sector

The fact that different sectors such as communication, in the case of SCMP or sports, cinema and entertainment join the NFT market, has allowed it to become a much larger industry than it was in 2020 .

The growth of the NFT sector so far in 2021 is not able, compared to the previous year. Source Reuters / Dapp Radar.

In this sense, CriptoNoticias reported that the Sales volumes of the NFT market , in the first half of 2021 were equal to 2.5 billion dollars. In the same period, but in the previous year, transactions were only $ 13.7 million.

Another means of communication that entered the world of NFTs was the famous North American magazine TIME . Last March it announced the launch of three tokens in reference to three covers of the publication.

[ https://worldweeklynews.com/118-years-of-history-will-be-converted-into-nft-by-this-newspaper/ https://d26toa8f6ahusa.cloudfront.net/wp-content/uploads/2021/07/30214746/a-quiet-place-part-2-bigs-16.pdf
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